Raphael Stevens

WFT owner Dan Snyder, center, before a game between the Washington Football Team and the New York Giants at FedEx Field in Landover, MD on November 8, 2020.John McDonnell | The Washington Post | Getty ImagesWashington Football Team owner Dan Snyder is close to buying the minority shares of his club for more than $800 million, The New York Times reported Wednesday.Snyder will seek approval from National Football League owners to take on $450 million in debt to buy the remaining 40.5% of the club’s shares for $875 million, the Times said. The move would give Snyder complete control of the team.NFL owners are scheduled to vote on Snyder’s debt request next week.”The transaction is subject to three-fourths approval of full membership-24 of 32 clubs,” the NFL said in a statement. “The annual league meeting is slated for Tuesday and Wednesday, at which time there would be a vote.”Owners of the minority shares include FedEx CEO Frederick Smith, who pushed for the team to drop its former name last year. Team sponsors, including Bank of America, Nike, Pepsi and FedEx — which owns the naming rights to the team’s home stadium in Maryland — came out against the previous team name. This prompted Snyder, 56, to change the name.The issue was part of a rocky 2020 centered around alleged misconduct in the club’s workplace.The team is under an independent investigation by attorney Beth Wilkinson after a report last summer in The Washington Post alleged sexual harassment and mistreatment of female employees.Jason WrightSource: Washington Football TeamSnyder hired the NFL’s first Black team president, Jason Wright, to replace Bruce Allen. In an interview with CNBC last August, Wright said the team would repair its damaged image.”I’m glad we are where we are now,” Wright said. “I think we’re in the right spot.”The team made the playoffs for the first time since 2015 last season, falling to eventual Super Bowl champion Tampa Bay Buccaneers in an NFC wildcard game.Snyder took over ownership when he purchased the team for $800 million in 1999. The team is now worth $3.5 billion, according to Forbes, which noted the club brings in roughly $500 million in annual revenue.Read more about Snyder’s move to take control of the team in The New York Times report. More

NIH National Institute of Allergy and Infectious Diseases Director Anthony Fauci addresses the daily press briefing at the White House in Washington, January 21, 2021.Jonathan Ernst | ReutersAstraZeneca will likely release a modified statement regarding its Covid-19 vaccine after the accuracy of the company’s clinical trial results was thrown into question earlier this week, White House Chief Medical Advisor Dr. Anthony Fauci said Wednesday.The company on Monday announced the long-awaited results of its phase three clinical trial of the Covid-19 vaccine it developed with the University of Oxford, saying it was 79% effective in preventing symptomatic illness and 100% effective against severe disease and hospitalization. The next day, the National Institute of Allergy and Infectious Diseases released an unusual statement that said it was informed by the data and safety monitoring board, or DSMB, that was overseeing the trial that the U.K.-based company may have included information in its U.S. results that provided an “incomplete view of the efficacy data.”Fauci, NIAID’s director, said the DSMB raised concerns with the U.S. agency because it felt the results in AstraZeneca’s press release looked more favorable than more recent data from the vaccine study had shown, according to STAT News. The company is now working with the DSMB and “will likely come out with a modified statement,” Fauci told reporters Wednesday during a White House news briefing on the pandemic.Experts on public health and vaccines told CNBC that AstraZeneca’s data hiccup is just the latest example in a series of blunders by the company that could affect people’s willingness to take the vaccine, which may be authorized for use in the U.S. as early as next month.President Joe Biden’s senior advisor on the pandemic, Andy Slavitt, tried to reassure Americans about the vaccines on Tuesday, telling CNN, “the public should rest assured that nothing will get approved unless the FDA does a thorough analysis of this data.”When AstraZeneca’s vaccine goes through FDA review, the agency “will render a judgment on both what the data says, or what it’s saying, and also whether or not it will be approved. And so until that time, this is all just stuff that will happen in the background,” Slavitt said. “We believe that this transparency and the scientific independence is vital for public trust.”AstraZeneca’s vaccine is already authorized for use in other countries. The company said in a statement Tuesday that it intended to issue results from its primary analysis of the Covid-19 vaccine “within 48 hours.” More

A General Motors employee works Dec. 13, 2019 at the automaker’s plant in Wentzville, Missouri.Photo by Melissa Vaeth for General MotorsGeneral Motors will suspend production of its midsize pickup trucks due to a global semiconductor chip shortage. It’s the latest shutdown as the automaker prioritizes production of its larger, more profitable full-size pickups and SUVs.Downtime at the Missouri plant will start Monday and run through April 12, according to a message sent to employees on Wednesday by the United Auto Workers union local. The plant produces GMC Canyon and Chevrolet Colorado pickups. Van production at the facility will not be impacted, GM said.GM will also pull ahead scheduled downtime for the plant by two weeks to May 24 through July 19 to “allow for more time to build product” during the second half of 2021, the union said. GM spokesman David Barnas confirmed the plans.In addition to the pickups, Barnas said GM will extend downtime at a car plant in Michigan by two weeks to mid-April. GM has temporarily shuttered or cut production at several plants that produce cars or crossovers to prioritize production of its full-size pickups and SUVs. “GM continues to leverage every available semiconductor to build and ship our most popular and in-demand products, including full-size trucks and SUVs for our customers,” Barnas said in an emailed statement. “We have not taken downtime or reduced shifts at any of our full-size truck plants due to the shortage.”GM plants in Kansas and Ingersoll, Ontario, that shuttered in early February over the chip shortage are expected to remain closed until at least mid-April. Plants in Brazil and South Korea have also been affected. A plant in Mexico is expected to reopen April 5 after being shut down since Feb. 8.GM’s actions come as the auto industry attempts to deal with the global chip shortage. Suppliers directed semiconductors away from the automotive industry as multiple plants shut down last year due to Covid. Consulting firm AlixPartners estimates the chip shortage will cut $60.6 billion in revenue from the global automotive industry this year.Semiconductors are key components used in the infotainment, power steering and braking of new vehicles, among other systems. GM expects the chip shortage to cut $1.5 billion to $2.5 billion from its free cash flow in 2021. More

A laboratory technician uses a pipette device to process samples to test for the novel coronavirus Covid-19, at Biogroup Laboratory’s lab in west London on January 21, 2021.JUSTIN TALLIS | AFP | Getty ImagesLONDON — The U.K. has set out plans to create a new national health security agency to plan for, prevent and respond to “future external health threats, such as infectious diseases.”The “UK Health Security Agency” is to lead protection against future health threats and “will ensure the nation can respond quickly and at greater scale to deal with pandemics and future threats,” the government announced Wednesday.The agency will be led by Dr. Jenny Harries, an official who has become a familiar face to the British public during the coronavirus pandemic as England’s deputy chief medical officer. Harries has frequently participated in televised briefings alongside government officials during the pandemic.The U.K. reflected on a tough year of coronavirus lockdowns and losses on Tuesday, a year after the first lockdown was imposed on March 23, 2020. Since then, over 4.3 million people have contracted the virus nationwide, with more than 125,000 deaths — making it one of the hardest-hit countries in the world.One bright spot has been the country’s rapid vaccination rollout, which started in December. To date, over 28.3 million adults in the U.K. have had the first dose of a coronavirus vaccine. Last Saturday, a record-breaking 844,285 vaccine doses were delivered on one day alone.Health officials point out there is no room for complacency despite the scheduled easing of further restrictions on public life. More infectious variants of the virus are spreading throughout the world and the U.K.’s continental neighbors on mainland Europe are also now experiencing a third wave of infections.As elsewhere, there is a consensus among U.K. officials that the country needs to be better prepared to deal with any future pandemics, and what it called “external” health threats.The U.K.’s Health Secretary Matt Hancock said he wants “everybody at UKHSA, at all levels, to wake up every day with a zeal to plan for the next pandemic.” Covid-19, he said, had “shown the challenges of protecting the nation’s health are changing at an unprecedented pace, as new types of threats emerge.”The government said the new body, which will come into force in April, replacing the National Institute for Health Protection, will be “the U.K. leader for health security, providing intellectual, scientific and operational leadership at national and local level, as well as on the global stage.”The primary focus for the UKHSA in its initial phase will be the continued fight against the coronavirus pandemic, the government said. It will also continue to bring together agencies and expertise that have been deployed during the coronavirus crisis, such as the U.K.’s respected genomic surveillance capabilities, and its contact tracing network. More

Billionaire investor Barry Sternlicht told CNBC on Wednesday the U.S. travel recovery is well on its way — at least in parts of the country like Florida — after a Covid-induced slowdown.”We see all of this pent-up demand coming back. It’s going to be a frenzy this summer,” the chairman and CEO of Miami-based Starwood Capital Group said on “Squawk Box.”For example, Miami restaurant attendance data from OpenTable shows many days in March have been higher than pre-pandemic levels from 2019.Sternlicht also said one of his company’s hotels in the area, 1 Hotel South Beach, was “ahead in February of this year, ahead of 2019.”His comments Wednesday offer insight into the U.S. economy’s rebound from the coronavirus crisis, which devastated sectors like leisure and hospitality. In February, the number of people employed in leisure and hospitality was still nearly 3.5 million fewer than in February 2020, according to data compiled by the Federal Reserve Bank of St. Louis.However, expectations for a significant economic improvement in the months ahead are commonplace. Last week, the Fed raised its U.S. gross domestic product projections, forecasting a 6.5% increase in 2021.”The recovery is well underway,” Sternlicht said, while pointing to President Joe Biden’s recent comments that states need to open up Covid vaccination eligibility to all adults by May 1.Vaccinations are seen as critical to enabling the rebound, giving Americans more confidence to engage in economic activities they otherwise shied away from during the pandemic such as vacationing and travel.As of Tuesday, roughly 25% of the U.S. population has received at least one vaccine dose and almost 14% have been fully vaccinated, according to the Centers for Disease Control and Prevention.Sternlicht believes the bottled-up demand will also boost the apartment market in the months ahead.”There’s 5 million people living with their parents. They’re all going back to the apartments as soon as their jobs are back, and people will go back to the office,” said Sternlicht, whose Starwood Capital focuses on investments in global real estate, hotel management and the energy sector. Sternlicht’s company also launched Starwood Hotels & Resorts in 1995, which was acquired 20 years later by Marriott International.”You’re seeing people say they want to meet with their people in person. … One of our companies signed a $350,000, 15-year lease in Germany in Berlin,” added Sternlicht.He compared the desire to be in the office to those who still like to see movies in theaters despite the advent of digital streaming. “The truth is, it’s a social event,” he said. “People will go back to the theaters, and they’re going to go back to the office.” More

German Chancellor Angela Merkel takes her face protection mask off as she arrives for the National Integration Summit at the Chancellery in Berlin, on October 19, 2020.FABRIZIO BENSCH | AFP | Getty ImagesGerman Chancellor Angela Merkel reversed plans on Wednesday for a coronavirus lockdown over Easter amid criticism from experts and officials over the move.The plans had called for placing the country in a strict lockdown over the Easter holiday — which would have seen all shops and churches close from April 1-5.”We must try to slow down the third wave of the pandemic. Nevertheless, it was a mistake,” Merkel said during a press conference, according to German news outlet Deutsche Welle. “At the end of the day, I carry the last responsibility.””It’s now important for me to say so here. A mistake should be called a mistake and above all, it should be corrected, preferably in good time,” she added, according to the news agency.Merkel’s comments come after sharp criticism that a plan, devised earlier this week with regional leaders, to impose a strict lockdown over the Easter period to help halt a third wave of coronavirus cases currently being seen in Germany, largely driven by more infectious variants of the virus.Critics of the move, which included health experts and business leaders, said the lockdown could cause more harm than good, particularly the plans to allow grocery stores and supermarkets to open for a limited amount of time over the holiday — a move likely to cause crowds to gather. Others questioned the lost working hours and wages the move would entail.”It was well reasoned, but was not really doable in such a short time,” Merkel said Wednesday, reflecting on the original lockdown proposal. “Too many questions, from missing wages through to the loss of time in factories and facilities, could not be adequately answered in time.”It’s a rare U-turn from a leader considered Europe’s figurehead and seen as a steady hand during times of crisis. It’s also a further signal that Germany, a country lauded for its initial response to the pandemic, is starting to feel the strain of difficult decisions having to be made as the pandemic continues to throw up new challenges and concerns.When the pandemic emerged in Europe in early 2020, Germany showed it was able to quickly test, trace and isolate early cases of the virus, helping to stop its spread. Its modern health-care network also helped prevent as many deaths as were seen in its continental neighbors.Germany has recorded almost 2.7 million cases and over 75,000 deaths, according to Johns Hopkins University data. This compares with the U.K.’s 4.3 million cases and over 126,000 deaths.The country had started to ease lockdown measures recently, allowing schools to reopen in February and some nonessential shops to admit customers again earlier this month. Like other European nations, it was banking on the rollout of coronavirus vaccines to enable it to slowly reopen its economy, the largest in Europe.Vaccination rollouts have not gone to plan in the EU, however, with Germany, a country known for its organizational skills, negatively surprising experts with its sluggish program.Germany is not alone in having to adjust plans around Easter; Italy is to reimpose a national lockdown over the period for the second-year running while Paris and other parts of France are again under a partial lockdown. More

Moncef Slaoui speaks with President Donald Trump about “Operation Warp Speed” in the Rose Garden at the White House on Friday, Nov 13, 2020 in Washington, DC.Jabin Botsford | The Washington Post | Getty ImagesMoncef Slaoui, who was chief scientist for the U.S. federal government’s Covid vaccine development effort Operation Warp Speed during the Trump administration, was fired as chairman of the board of Galvani Bioelectronics over “substantiated” sexual harassment allegations, it was announced Wednesday.Slaoui ‘s termination by the board of Galvani’s majority shareholder GlaxoSmithKline came after receipt of a letter “containing allegations of sexual harassment and inappropriate conduct towards an employee of GSK by Dr. Slaoui, which occurred several years ago when he was an employee of GSK,” according to GSK.”Upon receipt of the letter, the GSK Board immediately initiated an investigation with an experienced law firm to investigate the allegations,” the statement by GSK said. “The investigation of Dr. Slaoui’s conduct substantiated the allegations and is ongoing.”GSK said in its statement: “Dr. Slaoui’s behaviours are wholly unacceptable.””They represent an abuse of his leadership position, violate company policies, and are contrary to the strong values that define GSK’s culture,” the statement said. “The company expects everyone at GSK to behave in accordance with its values, especially its leaders where its standards are the highest. Sexual harassment and any abuse of leadership position are strictly prohibited and will not be tolerated.”Slaoui has been advising the European Union on its coronavirus vaccine rollout.He spent 30 years at GSK, where he oversaw vaccine development.Slaoui in January submitted his resignation as Operation Warp Speed chief advisor to the then-incoming administration of President Joe Biden.Christopher Corsico, senior vice president of development at GSK and a current member of Galvani’s board, was appointed as the new chairman of Galvani. GSK also said that Amy Altshul, its senior vice president of legal, R&D and global commercial franchises, was appointed to the Galvani board.This is breaking news. Please check back for updates. More

Signage is displayed outside a Yum! Brands Inc. Taco Bell restaurant in Lockport, Illinois.Daniel Acker | Bloomberg | Getty ImagesYum Brands said Wednesday it has made its second technology acquisition in less than a month as the company tries to hold on to the digital orders it gained during the coronavirus pandemic.The restaurant group, which owns KFC, Taco Bell, Pizza Hut and Habit Burger Grill, said it bought Tictuk, an Israeli company that allows customers to order food while on social media and messaging apps. Yum did not disclose the financial terms of the deal but said Tictuk will continue to work with existing third-party clients.Earlier this month, Yum bought Kvantum, which uses artificial intelligence for consumer insights and marketing performance analytics. It followed a blockbuster year for Yum’s digital ordering in 2020, with digital sales hitting a record of $17 billion, up about 45% from the prior year. Over the last decade, deal-making within the restaurant industry has expanded to include buying up tech companies, in addition to adding new chains to portfolios.Yum said it expects the all-cash Tictuk and Kvantum acquisitions will have an immaterial impact to its 2021 financial results. Yum already uses Tictuk’s ordering platform in about 900 KFC, Pizza Hut and Taco Bell restaurants across 35 international markets. With the technology, customers can order food on WhatsApp, Facebook Messenger, Telegram or via SMS, QR codes and email. Clay Johnson, Yum’s chief digital and technology officer, said it can be implemented in just a few days.”We’re excited about the opportunity Tictuk presents, as their solution delivers high impact by enabling our brands to achieve a truly omnichannel presence and provide frictionless ordering for customers in just a few clicks,” CFO Chris Turner said in a statement.Shares of Yum were unchanged in premarket trading. The company’s stock has risen 55% over the last year, giving it a market value of $32.4 billion. More